Pebblebrook Hotel Trust (PEB) Shares Up 1.8%
Shares of Pebblebrook Hotel Trust (NYSE:PEB) shot up 1.8% during mid-day trading on Friday . The company traded as high as $28.22 and last traded at $28.17, with a volume of 255,527 shares traded. The stock had previously closed at $27.68.
A number of brokerages have recently issued reports on PEB. TheStreet raised Pebblebrook Hotel Trust from a “hold” rating to a “buy” rating in a research note on Monday. Janney Montgomery Scott assumed coverage on Pebblebrook Hotel Trust in a research report on Monday, May 23rd. They set a “neutral” rating and a $24.00 price objective on the stock. Bank of America Corp. reiterated a “neutral” rating and set a $27.00 price objective (down previously from $29.00) on shares of Pebblebrook Hotel Trust in a research report on Friday, May 20th. Royal Bank Of Canada reduced their price objective on Pebblebrook Hotel Trust from $34.00 to $33.00 and set an “outperform” rating on the stock in a research report on Monday, May 2nd. Finally, Stifel Nicolaus reiterated a “hold” rating on shares of Pebblebrook Hotel Trust in a research report on Tuesday, March 29th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. Pebblebrook Hotel Trust has a consensus rating of “Hold” and an average target price of $33.40.
The company’s 50 day moving average price is $26.21 and its 200-day moving average price is $26.34. The firm has a market cap of $2.07 billion and a P/E ratio of 28.22.
Pebblebrook Hotel Trust (NYSE:PEB) last issued its earnings results on Wednesday, April 27th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.10. During the same period last year, the company posted $0.34 earnings per share. The business had revenue of $196.20 million for the quarter, compared to analysts’ expectations of $190.78 million. The business’s quarterly revenue was up 20.1% on a year-over-year basis. Analysts expect that Pebblebrook Hotel Trust will post $2.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 5.28%. The ex-dividend date of this dividend is Tuesday, June 28th.
In related news, CFO Raymond D. Martz sold 15,848 shares of the company’s stock in a transaction that occurred on Tuesday, June 14th. The stock was sold at an average price of $25.26, for a total value of $400,320.48. Following the sale, the chief financial officer now owns 177,526 shares in the company, valued at approximately $4,484,306.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Several large investors have recently added to or reduced their stakes in PEB. Dimensional Fund Advisors LP boosted its stake in Pebblebrook Hotel Trust by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 931,385 shares of the real estate investment trust’s stock worth $26,098,000 after buying an additional 8,249 shares in the last quarter. Jennison Associates LLC boosted its stake in Pebblebrook Hotel Trust by 1.9% in the fourth quarter. Jennison Associates LLC now owns 1,585,869 shares of the real estate investment trust’s stock worth $44,436,000 after buying an additional 29,515 shares in the last quarter. Morgan Stanley boosted its stake in Pebblebrook Hotel Trust by 40.4% in the fourth quarter. Morgan Stanley now owns 84,076 shares of the real estate investment trust’s stock worth $2,356,000 after buying an additional 24,179 shares in the last quarter. Vanguard Group Inc. boosted its stake in Pebblebrook Hotel Trust by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 10,254,858 shares of the real estate investment trust’s stock worth $287,341,000 after buying an additional 206,761 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in Pebblebrook Hotel Trust by 28.7% in the fourth quarter. Teacher Retirement System of Texas now owns 146,245 shares of the real estate investment trust’s stock worth $4,098,000 after buying an additional 32,622 shares in the last quarter.
Pebblebrook Hotel Trust is a hotel investment company. The Company operates as a real estate investment trust (REIT). The Company is engaged in acquiring and investing in hotel properties located primarily in cities of the United States. It owns interests in around 35 hotels, including 29 wholly owned hotels with a total of 6,948 guest rooms and a 49% joint venture interest in six hotels with a total of 1,775 guest rooms.
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